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WAEC Financial Accounting 2022 Question 13

Question 13

Final Accounts of a Sole Trader

Items shown in the balance sheet as asset includes

  1. A.credit balance on a supplier's account
  2. B.credit balance on the capital's account
  3. C.debit balance on a customer's account
  4. D.debit balance on drawings account
Show the answer and explanation

Answer: C (debit balance on a customer's account)

Explanation

A customer with a debit balance owes the business: a debtor, which is an asset.